UBS AG, A Swiss Banking Giant Announces Deal on the Secret Accounts

UBS AG, a giant Swiss Banking Company agreed last Wednesday to turn over to the IRS the details of 4,450 accounts that are suspected to hold undeclared assets by American customers, this is the news in msnbc.msn.com

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Their IRS Commissioner Doug Shulman reported that the accounts held $18 billion in assets at one time. UBS has an estimated 52,000 accounts of US Customers and the bank’s IR Chief said that only 4,450 accounts are being relinquished to the agency that they were suspected to contain undeclared assets.

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The deal will give way the Internal Revenue Service thousands of long-sought account names. Accountholders will be notified before their names are released to the IRS.

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Swiss Justice Minister Eveline Widmer-Schlumpf told in a conference at Bern that the deal lifts the threat of crimin$l prosecution against UBS which could endangered the bank’s existence.

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